Connect with us

Business

Know All the Angles to Make Your Taxi Hailing Business a Roaring Success

Published

on

“Success is where preparation and opportunity meet.”- Bobby Unser

The evolving technology of today has opened the gates for all those who want to start their own business. With the help of today’s technology, it is possible to achieve success in any industry. However, the success can not be achieved with a single effort. It requires continuous efforts and hard work done in the right way. With the help of mobile technology, the on-demand services have beaten all the old practices and have taken the lead in the market. Offering the users comfort and convenience with best quality services at affordable prices is the secret factor working behind the success of these applications.

The taxi-hailing industry has always encouraged the newcomers. Thanks to this modern mobile technology, there exist many applications that provide the users with a one-stop solution for hailing a taxi. Being the pioneer of the success, Uber has earned millions of customers and also has inspired many to come and join the industry of online taxi hailing. However, to compete with such established applications one need to understand the requirements of the users and provide them with the best quality services. The applications known as uber clone are available in the market which contains all the essential features of the existing applications and comes with a benefit of charging less and can be launched in no time. Few from these essential features are:

Ride Booking

The procedure for booking a ride must be as quick as anything. When the users are booking their ride through your application, the basic details like pickup and destination points can be specified either by typing or by pinpointing on the map. Also, adding the option of scheduling a ride is a good idea. As an advanced feature, the ability to save or to bookmark a location adds a plus point. In essence, you should try to ease out this process as much as possible.

Maintaining the Record

Maintaining the ride records helps the users to choose the one that they want to repeat again. For example, the users are booking a ride from their home to their office daily, then re-entering the same details every time they book it again is a tedious task. Instead, they can just choose from history and can request a ride again without any hassle.

Live Tracking

As the users’ ride request has been accepted by the taxi driver, the immediate action must be displaying the drivers’ location to the user. Also, the user must be able to track it throughout the time. Adding this feature appends a security factor to your application and also helps in gaining the trust of the user.

Multiple Payment Options

Enabling more than one payment option to choose from increases the convenience of the user. With integrating an e-wallet system to your application, you can offer secure transaction through it. Also, if the user wants to pay using the card or by cash then these options must be added to your application’s payment methods.

Estimated Fare Calculation and ETA

When the user has entered the pickup and destination locations, the estimated fare must be calculated and displayed on the screen along with the estimated time that will be taken by the cab to reach to the user’s location, which is known as ETA(Estimated Time of Arrival).

Leap at the Opportunity

For the local businesses providing the services offline, it is important to start serving their customers online. But the resource required for doing so is an application or website which can help them to reach the mass out there. Even for entrepreneurs, it is a good option to start their own on-demand service offering application. They can help local businesses to make their appearance online by providing their services to users through this application. But the barrier here is having a low budget. Owning a good application can not fit in a small budget. But to overcome this limitation, the modern technology has introduced a beautiful concept of on-demand applications. With these applications, you can start your on-demand service providing business with spending less on the application and in a short duration of time.

Micheal Anderson is a Web expert and blogger by hobby, currently he is working with Techmagnate in the Boston, USA.

Business

Top 5 Reasons Why Banks Reject Loan Applications & How You Can Avoid Them When Reapplying

Published

on

Top 5 Reasons Why Banks Reject Loan Applications & How You Can Avoid Them When Reapplying

Personal loans are a source of emergency funding for many people. But loan seekers must remember that applications for personal loans may get rejected. There are many reasons for loan rejection, and it is good to know them before applying. A personal loan rejection does not necessarily mean that you are not creditworthy. Understand the reason why you were refused credit loans, and you can easily avoid loan rejection when reapplying.

Here are the most common five reasons for loan rejection –

  1. Poor Credit History

Individuals who borrow and repay loans on time have high credit scores based on their history of repayment. If you have never borrowed before or have defaulted on a loan in the past, this will reflect in your credit score and may get you a loan rejection.

  1. Low-Income Level

Lenders analyze your income records to determine whether or not you will be able to afford the monthly installments. If the bank or the lender cannot verify your income with the information you have given or if they think that your income is insufficient – it may lead to a loan rejection.

  1. Debt to Income Ratio

A high debt to income ratio means that you are already spending a large part of your income in paying off your current debts. This is important, as it helps lenders determine whether you can take on another loan payment or not. People with low debt to income ratio are never refused credit loans.

  1. Living in a Location Where Defaults are High

It may surprise you to know that banks and lenders mark geographical locations where defaulters live. If your address reflects a location where many defaulters live, you could face a personal loan rejection.

What Should You Do Before Reapplying?

In case your loan application gets rejected, don’t worry. For refused credit loans, lenders are obligated to send a notice of adverse action informing the applicant about the reasons for denial of the loan. Here are a few simple steps you should take before reapplying.

  1. Take a Look at Your Credit Reports: Obtain your credit reports online for analyzing your credit history and score. Reviewing your credit reports will help you identify the problems such as late payment or defaults that led to your loan rejection.
  2. Evaluate Your Debt-to-Income Ratio: Taking a look at your current debts vis-à-vis your income will help you understand if you have sufficient income to repay the loan you had applied for. Creditors usually look for a debt-to-income ratio lower than 36% for good creditworthiness.
  3. Discuss the Loan Rejection with Your Lender: After analyzing your credit reports the best thing to do is to talk to your lender. They will guide you about the right reason why your loan application was rejected and how long you need to wait before reapplying.

Author Bio:

Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com.

Continue Reading

Trending